RateCity
Non-Bank Lenders
Financial lenders that are not considered a bank are called non-bank lenders. Non-banks lenders consist of credit unions, building societies and independent mortgage lenders such as RAM's Home Loans and Mortgage Choice that are not associated with a bank.
Because of their size, non-bank lenders have both advantages and disadvantages when compared to banks, the main ones being:
Advantages:
- Competitive interest rates and fees
- More likely to be lenient and will usually be more personalised service
- Broad range of mortgage products
- Limited on what products and services they may offer, so you may not be able to use them for all of your financial needs
